Chevron Canada Ltd., an indirect subsidiary of Chevron Corp., reported that it and a related entity have entered into a definitive agreement to sell their 20% non-operated interest in the Athabasca Oil Sands Project, 70% operated interest in the Duvernay shale and related interests, all located in Alberta, Canada, to Canadian Natural Resources Limited.

The $6.5 billion all-cash transaction had an effective date of September 1, 2024, and was expected to close during Q4 2024, subject to regulatory approvals and other customary closing conditions.

The assets subject to the agreement produced 84k boe/d net to Chevron in 2023. This transaction progresses Chevron’s previously announced plans to divest $10–15 billion in assets by 2028 to optimize its global energy portfolio.

For more information, visit chevron.com.